Once considered the most difficult aspect of managing personal finance, there are lot of companies offering retirement planning through website and apple and android apps that’s easier to understand and use. In the past, we have relied on our friends and family suggestions to plan for future financial needs. Sometimes people get great advice and sometimes not so great . So how do we go about the process of planning retirement?
Some of new startups companies have attempted to partially solve this problem. The industry players typically charge fees based on Asset Under Management (AUM) and it has been the case for so many years. Asset Under management (AUM) which is nothing but your money in bank accounts, investment accounts and brokerage accounts.
With the advent of Fintech, new starts up have mushroomed and are which now charge lower percentage or fixed fee per month. The basic idea is to automate the process of financial planning and thereby offer competitive prices to end customers. Some of new names are Betterment, Personal Capital, Blooom, Wealthfront, Motif etc . Today, I”m going to stop here and in next blog we will talk about each of the above players and service offers by them.